ALGO GROUP REPORTS SECOND QUARTER RESULTS, COMPLETES RIGHTS OFFERING.MONTREAL--(BUSINESS WIRE)--AUGUST 15, 1995--ALGO GROUP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME,TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AO.A) Algo Group Inc. today reported results for the second quarter ended June 30, 1995 and announced it has completed a rights offering. Net loss before provision for income tax recovery for the three month period was $4.5 million or $0.22 per share. This compares with a $4.9 million loss or $0.25 per share for the same period last year. Second quarter sales were $60.5 million, compared to $67 million for the second quarter a year ago. This brought the net loss provision for income tax recovery for the first half ended June 30, 1995 to $3.9 million or $0.19 per share compared with a net loss of $3.4 million or $0.17 per share for the corresponding period last year. Sales for the first half of the year totaled $131.1 million, compared to $147.1 million last year. Algo Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Jack Wiltzer explained that this year's results have not been tax affected. Net loss after provision for income tax recovery for last year's second quarter and first half were $3 million or $0.15 per share and $2.1 million or $0.10 per share respectively. The average number of shares outstanding rose to 20,285,720 compared to 20,260,898 for the corresponding period last year. Wiltzer said the company is in the final stages of winding down 8 divisions that it previously announced would be closed. "We have gone through a strategic plan of restructuring which has substantially reduced overheads. We have returned to Algo's core businesses which have a proven tradition of profitability. We are most hopeful of a profit from operations for the year. Algo is definitely coming back." Wiltzer also announced Algo has strengthened its balance sheet with the completion of a rights offering approved by the Board of Directors to holders of Class A Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and Class B Multiple Voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 Shares of record July 17, 1995. As of August 8, 1995 a total of $5.2 million had been raised. 985,481 units were subscribed for, of which sales to the public totaled $0.7 million and a further $4.5 million to management. In addition, certain shareholders advanced $1.4 million by way of a debenture. As a result of these actions, the company has benefited from a cash infusion of $6.6 million. Algo Group is a major Canadian manufacturer and importer of ladies' and children's fashion apparel which is marketed throughout North America and Europe. The company also designs and imports fabric marketed through North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. apparel manufacturers and retail outlets. Algo also owns two retail chains, La Vie en Rose Lingerie Canada Inc. and One Plus One Fashions Inc. Company shares trade publicly on both the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg under the stock symbol AO.A. CONTACT: Algo Group Inc Sol Chankowsky, (514) 382-1240 or Maison Brison Rick Leckner, (514) 731-0000 |
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